A UK bond trader has pleaded guilty to overstating the value of mortgage-backed bonds when working at Credit Suisse at the start of the financial crisis.
US prosecutors allege Mr Higgs began overstating the value of mortgage-backed bonds in a trading book between August 2007 and February 2008, the Telegraph reports. Higgs pleaded guilty in a New York court on Wednesday to conspiring with at least one former colleague to falsify the accounts of a multi-billion dollar trading book at the Swiss bank. He faces up to five years in prison and a fine. Government prosecutors alleged Higgs sought to inflate the value of the bonds in the trading book to ensure he qualified for a bonus at the end of 2007. Credit Suisse was forced to write dow...
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